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Consider the forecasts described below compute mad and mfe

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Reference no: EM13390102

1) Consider the forecasts shown below. Calculate MAD and MFE using the data for months January through June. Does the model over or under forecast? Comment on the importance of this.

Month

Actual Demand

Forecast

Forecast Error

Absolute Forecast Error

Jan

1040

1055

-15

15

Feb

990

1052

-62

62

Mar

980

900

80

80

Apr

1060

1025

35

35

May

1080

1100

-20

20

Jun

1000

1050

-50

50

Totals

 

 

 

 

Reference no: EM13390102

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